- Morgan Stanley downgraded Etsy to underweight from equal weight.
- Goldman Sachs upgraded Nike to buy from neutral and added the stock to its conviction buy list.
- Citi raised its price target on Apple to $300 from $250.
- HSBC initiated Facebook as reduce.
- Stifel upgraded Facebook to buy from hold.
- Stifel upgraded Alphabet to buy from hold.
- Compass Point initiated Visa, Mastercard, & PayPal as buy.
- Morgan Stanley upgraded Chewy to overweight from equal weight.
- Bank of America downgraded F5 Networks to underperform from buy.
Here are the biggest calls on Wall Street on Thursday:
Morgan Stanley downgraded the e-commerce website company and said it sees slowing gross merchandise sales.
"While we like ETSY's business model and competitive moat it has established, we now anticipate slowing core gross merchandise sales growth to result in negative top-line and EBITDA revisions, likely leading to additional multiple compression, despite the -25% QTD move (vs. the S&P +5%). We are lowering our 2020 EBITDA estimates by 5% as the headwinds we previously laid out in our bear case scenario now appear more likely to be the base case."
Goldman Sachs upgraded Nike to 'buy' from 'neutral' and added the stock to it's 'conviction buy' list
Goldman said China would be a key driver of growth for Nike.
"We believe Nike is a unique asset, where a strong brand combined with a disruptive and innovative strategy are positioning the business for multi year growth, expansion in margins, and higher returns on invested capital. In this report, we present a deep dive analysis across several facets of the Nike model. In summary, we believe Nike will drive growth across geographies, categories and channels, where benefits of scale and scaled omnichannel infrastructure will become key drivers of margin accretive and capital light growth. This analysis increases our confidence in the durability of growth and tailwinds for the brand going forward, and drives our forecast for a sharp acceleration in earnings growth."
Read more about this call here.